Econ Week 6 Essay

Submitted By Biglou93630
Words: 320
Pages: 2

The purpose for segmenting a market is to allow your marketing-sales program to focus on the subset of prospects that are "most likely" to purchase you’re offering. If done properly this will help to insure the highest return for your marketing expenditures. Depending on whether you are selling your offering to individual consumers or a business, there are definite differences in what you will consider when defining market segments. The purpose with the thesis is to provide a framework for exemplifying how market segmentation can determine the right target customers. The world is made up of many different consumers, each with their own set of needs and behaviors. Segmentation seeks to complement consumers with products that satisfy their individual set of needs and behavior patterns. As a result, this is known as a 'segmenting'. Think of a market as a chain of connected and unique segments, each with its own profile. Companies can uncover new segments by researching the hierarchy of attributes that consumers will consider when choosing a brand (Kotier). There is no single way to segment a market. A marketer has to try different segmentation variables, alone and in combination (Kotier & Armstrong, 1996). In order to be successful in today's global market, Organizations will have the think innovatively, be willing to change and quickly adapt to the new ways of conducting business in this twenty-first century. Nevertheless, a great deal of organization is now